WAX allows anybody to participate in a virtual game of sorts. WAX’s goal is to reduce transaction costs, and to create marketplaces where there was none. Virtual assets are transferred through users responsible for transferring items that are called Transfer Agents. Transfer Agents work with supervisory committees called Guilds which then have rating systems and run under a proof of stake algorithm. Transfer Agents have to keep up with their regular duties, as well as to run for re-election by Token Holders. Guilds authenticate items while monitoring ownership at the same time. Transfer Agents focus on asset delivery.
The company specializes in buying and selling items from online video games. Malcolm Casselle is the President of WAX and the Chief Information Officer, CIO of Opskins, a top leader in buying and selling items from online games. Casselle is a major investor with Facebook, and Zynga. He holds degrees in Computer Science from MIT and Stanford University, able to speak both Japanese and Mandarin. He is into building teams, companies, and products. WAX is about a virtual trade. It has raised $41 million with crypto tokens. Game Skins are graphic or audio files that can be downloaded for free and Opskins is a company intent on selling WAX tokens, which allows people to buy and sell skins.
Particular items are worth a certain amount of cryptocurrency in tokens. 200,000 people buy items through Opskins every month. This site sells game gear for online games to more than 125 million players a month. Opskins needs to raise $7 million in WAX tokens. The company originally wanted $63 million but then opted for $7 million. WAX tokens will have a huge demand in the next year as they have partnered with Bancor, agreeing to provide a level of mutual liquidity, allowing anyone to be a part of WAX, which came from Opskins, the ultimate virtual video game asset marketplace.